Offshore Crane Market By Type (Board Offshore, Knuckle Boom, Telescopic Boom, Lattice Boom, Luffing), By Lifting Capacity (0 – 500 MT, 500 – 2000 MT, 2.000 – 5000 MT, Above 5000 MT), By Application (Oil and Gas, Marine, Renewable Energy), By Geographic Scope And Forecast & Region for 2024-2031
Report ID: 344250|No. of Pages: 202
Offshore Crane Market By Type (Board Offshore, Knuckle Boom, Telescopic Boom, Lattice Boom, Luffing), By Lifting Capacity (0 – 500 MT, 500 – 2000 MT, 2.000 – 5000 MT, Above 5000 MT), By Application (Oil and Gas, Marine, Renewable Energy), By Geographic Scope And Forecast & Region for 2024-2031
Offshore Crane Market Valuation – 2024-2031
The increasing energy demand, advancements in offshore technologies, and rising global investments in renewable energy sources. The exploration and production of offshore oil and gas, along with offshore wind power, are key sectors driving the market’s expansion. Thus, the growing demand for offshore cranes surged the growth of market size surpassing USD 27.93 Billion in 2024 to reach a valuation of USD 66.59 Billion by 2031.
With the shift towards sustainability and the growing focus on reducing carbon emissions, offshore wind energy projects are gaining traction, further propelling market growth. Thus, the growing popularity of remote connectivity enables the market to grow at a CAGR of 11.47% from 2024 to 2031.
Offshore Crane Market: Definition/ Overview
The offshore crane is a subset of the global crane business that deals with specialist cranes intended for use in marine settings. These cranes are used to lift and transport big items on offshore platforms, oil rigs, and ships. They are essential for the discovery, extraction, and transportation of oil, gas, and other resources, as well as the installation and maintenance of offshore wind turbines. Offshore cranes are designed to endure tough marine conditions such as high winds, corrosive saltwater, and extreme temperatures, assuring safe and effective operations.
The offshore crane industry is expanding rapidly, driven by rising demand for energy resources, primarily oil and gas, as well as increased expenditures in offshore renewable energy projects such as wind farms. Technological advances in crane design, such as increased load capacities and the incorporation of digital monitoring systems, are accelerating market growth. The market’s expansion is also aided by rising offshore exploration operations and the requirement for infrastructure development in deeper waters. With an emphasis on enhancing operational efficiency and safety, prominent players in the offshore crane business are investing in research and development to create more robust and innovative technologies.
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
What's inside a VMR
industry report?
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=344250
How Does the Expansion of Offshore Oil and Gas Exploration Activities Surge the Growth of the Offshore Crane Market?
The increasing demand for offshore crane adoption is primarily driven by the rapid expansion of offshore oil and gas exploration activities. As energy companies venture into deeper waters and more challenging environments, the need for specialized equipment capable of handling heavy loads in harsh marine conditions has grown significantly.
Additionally, the burgeoning offshore wind energy sector has emerged as a key factor, requiring robust cranes for turbine installation and maintenance. The trend towards larger, more complex offshore structures in both industries necessitates cranes with greater lifting capacities and operational ranges. Furthermore, stringent safety regulations and the push for operational efficiency have spurred the development of technologically advanced offshore cranes. These incorporate features like motion compensation systems and remote operation capabilities, enhancing safety and productivity in offshore operations.
How the High Initial Investment and Operational Cost Hinder the Growth of Offshore Crane Market?
The high initial investment for offshore and the ongoing operational cost impede the growth of the offshore crane market. Offshore cranes are complex, specialized equipment that require substantial capital expenditure for purchase or leasing. Additionally, their operation and maintenance in harsh marine environments necessitate skilled personnel and regular upkeep, further increasing costs. This financial burden can be particularly daunting for smaller companies or those new to offshore operations.
Another significant challenge is the stringent regulatory compliance and safety requirements associated with offshore crane operations. Organizations must navigate a complex web of international and local regulations, which often vary by region and can change frequently. Ensuring compliance while maintaining operational efficiency can be demanding, requiring continuous training, documentation, and adaptation to evolving standards.
Category-Wise Acumens
How the Versatility and Compact Design Foster the Growth of Knuckle Boom Segment?
The knuckle boom segment dominates in the offshore crane market owing to their superior versatility and compact design. Knuckle boom cranes offer a greater range of motion and flexibility compared to traditional straight boom cranes, allowing for more precise load handling in confined spaces typical of offshore platforms. This versatility enables operators to perform a wider variety of tasks efficiently, from routine maintenance to complex installation procedures, thereby increasing overall productivity and reducing the need for multiple specialized cranes.
Additionally, the compact folding design of knuckle boom cranes provides significant advantages in offshore environments where space is at a premium. When not in use, these cranes can be folded into a smaller footprint, freeing up valuable deck space for other operations or equipment. This space-saving feature, combined with their ability to reach areas inaccessible to conventional cranes, makes knuckle boom cranes particularly attractive for offshore applications, driving their adoption and consequently boosting the offshore crane market growth.
How do the Routine Operations and Maintenance Activities Foster the Growth of t 0-500 MT Segment?
The 0-500 MT segment dominates in the offshore crane market driven by routine operations and maintenance activities on smaller offshore platforms and vessels. These cranes are widely used for day-to-day tasks such as equipment handling, supply transfers, and general lifting operations. Their relatively lower cost and versatility make them popular across a broad spectrum of offshore industries, including oil and gas, wind energy, and marine construction. The steady demand in this segment contributes to consistent market growth and provides opportunities for numerous manufacturers.
In contrast, the 500-2000 MT range caters to specialized, heavy-lift operations often associated with large-scale offshore projects. These cranes are crucial for installing massive structures like wind turbine foundations, oil rig components, and subsea equipment. While the demand for these high-capacity cranes is less frequent, each sale represents a significant market value due to their complexity and cost. The growth in this segment is closely tied to major offshore energy projects and can experience more pronounced fluctuations based on global energy trends and large-scale investments in offshore infrastructure.
Gain Access to Offshore Crane Market Report Methodology
https://www.verifiedmarketresearch.com/select-licence/?rid=344250
Country/Region-wise Acumens
How Do Government Regulations and Funding Initiatives Influence the Development and Expansion of the Offshore Crane Market in North America?
North America substantially dominates the offshore crane market driven by stringent safety and operational standards. Agencies like the U.S. Bureau of Safety and Environmental Enforcement (BSEE) enforce rigorous guidelines for offshore equipment, including cranes. These regulations drive manufacturers to innovate and develop cranes with advanced safety features, improved reliability, and enhanced performance capabilities. Compliance with these standards often necessitates the upgrade or replacement of older crane systems, stimulating market growth and encouraging the adoption of cutting-edge technologies in the offshore sector.
Funding initiatives, particularly those focused on renewable energy and offshore wind development, play a crucial role in expanding the offshore crane market. Government programs such as the U.S. Department of Energy’s offshore wind initiatives provide financial support and incentives for offshore wind farm projects. This backing accelerates the deployment of offshore wind installations, creating a substantial demand for specialized cranes capable of handling massive wind turbine components. These initiatives not only drive immediate market growth but also foster long-term expansion by establishing a robust offshore renewable energy infrastructure that will require ongoing maintenance and upgrades.
How does the Rapid Digital Transformation Foster the Growth of the Offshore Crane Market in Asia Pacific?
Asia Pacific is anticipated to witness the fastest growth in the offshore crane market during the forecast period owing to the rapid digital transformation and integration of advanced technologies. IoT sensors and data analytics are being increasingly incorporated into offshore cranes, enabling real-time monitoring of equipment performance, predictive maintenance, and enhanced operational efficiency. This digital upgrade allows for better resource allocation, reduced downtime, and improved safety measures, making offshore operations more attractive and cost-effective for businesses in the region.
Furthermore, the adoption of remote operation technologies and automation in offshore cranes is gaining traction in Asia Pacific. These advancements allow for crane operations in hazardous or hard-to-reach environments with minimal human intervention, thereby expanding the scope of offshore activities. The ability to control cranes from onshore locations not only improves safety but also addresses the skilled labor shortage in the offshore industry, making it easier for companies to scale their operations and invest in more sophisticated crane systems.
Competitive Landscape
The Offshore Crane Market is fiercely competitive, fueled by technology improvements, the rising need for effective lifting solutions, and crane design innovations. Companies work on improving load capacities, safety features, and digital integration to obtain a competitive edge.
Some of the prominent players operating in the offshore crane market include:
- Konecranes
- Huisman Equipment B.V.
- Liebherr
- National Oilwell Varco
- Cargotec
- Zoomlion
- Manitowoc
- Kenz Figee
- Palfinger,
- TEREX Corporation.
Offshore Cranes Market Recent Developments
- In March 2024, Liebherr Group announced the launch of its new RL-K 2600 offshore crane series. This innovative line features advanced motion compensation systems and a modular design, allowing for easier customization and installation across various offshore platforms. The crane’s enhanced load capacity of up to 2,600 tonnes and extended reach make it particularly suitable for the growing offshore wind sector.
- In January 2024, MacGregor, a subsidiary of Cargotec, secured a major contract to supply electric-driven offshore cranes for a series of wind turbine installation vessels (WTIVs) being built in China. The order includes the delivery of four telescopic cranes per vessel, each with a lifting capacity of 250 tonnes?.
- In November 2023, NOV (National Oilwell Varco) announced the launch of its next-generation Knuckle Boom Crane with integrated digital twin technology. This advancement allows for real-time simulation and monitoring of crane operations, significantly enhancing safety and operational efficiency.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of ~11.47% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Konecranes, Huisman Equipment B.V., Liebherr, National Oilwell Varco, Cargotec, Zoomlion, Manitowoc, Kenz Figee, Palfinger, TEREX Corporation. |
| Customization | Report customization along with purchase available upon request |
Offshore Crane Market, By Category
Type:
- Board Offshore
- Knuckle Boom
- Telescopic Boom
- Lattice Boom
- Luffing
Lifting Capacity:
- 0 – 500 MT
- 500 – 2000 MT
- 000 – 5000 MT
- Above 5000 MT
Application:
- Oil and Gas
- Marine
- Renewable Energy
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF THE GLOBAL OFFSHORE CRANE MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL OFFSHORE CRANE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL OFFSHORE CRANE MARKET, BY TYPE
5.1 Overview
5.2 Board offshore cranes
5.3 Knuckle Boom Crane
5.4 Telescopic Boom Crane
5.5 Lattice Boom Crane
5.6 Luffing Crane
5.7 Others
6 GLOBAL OFFSHORE CRANE MARKET, BY LIFTING CAPACITY
6.1 Overview
6.2 0 – 500 MT
6.3 500 – 2,000 MT
6.4 2,000 – 5,000 MT
6.5 Above 5,000 MT
7 GLOBAL OFFSHORE CRANE MARKET, BY APPLICATION
7.1 Overview
7.1 Craniomaxillofacial
7.2 Dental
7.3 Joint Reconstruction
7.4 Spinal Fusion
7.5 Others
8 GLOBAL OFFSHORE CRANE MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL OFFSHORE CRANE MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Cargotec Corporation
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Palfinger AG
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Zoomlion
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Manitowoc
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Liebherr
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 MacGregor
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Konecranes PLC
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Huisman Equipment
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Kenz Figee
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Heila Group
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
